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Real Estate Foreclosure Lawyer Explains Foreclosures


Real Estate Foreclosure Lawyer Explains Foreclosures


Real Estate Foreclosure Lawyer to Stop Foreclosures and Force Foreclosures

Valente Law, a Cleveland, Akron area law firm with a real estate foreclosure lawyer, is accepting new clients on both sides of foreclosure cases. We can represent lenders in lawsuits to foreclose on defaulting borrowers.  Additionally, we can represent borrowers and help the stop the foreclosure process.

Real estate foreclosure lawyer law firm with attorney to stop foreclosureWhat is a Foreclosure?

Foreclosure is the legal process through which a mortgage holder seizes ownership of real property that was secured by a borrower who has failed to comply with the terms of their promissory note. Usually this happens for failing to pay the monthly payment.  Foreclosures are started by the lender filing a lawsuit in the common pleas court in the county in which the property sits.  If the lender is successful, the court will approve the foreclosure and transfer ownership of the real estate back to the lender.

How to Foreclose on a Property?

Foreclosing on a property requires filing a foreclosure complaint in the common pleas court.  A foreclosure complaint should be drafted by a real estate foreclosure lawyer because it is very technical and easy to mess up.  Foreclosures are governed by Chapter 2329 of the Ohio Revised Code. For instance, a lender must obtain a preliminary judicial report and name all interested parties in the complaint.  There are also requirements on the minimum price a foreclosed property could be sold for.  Depending on the facts of the case, there could be many complicated requirements that could be easily overlooked.

How to Stop a Foreclosure?

Any great real estate foreclosure lawyer will have plenty more ideas, but here are some options for stopping a foreclosure:

  1. Pay the past due amount and push for a foreclosure workout.  Most lenders would prefer to resolve the default, rather than go through the cost and hassle of a foreclosure.
  2. Find a buyer and sell the home through a short sale.  A short sale is when a buyer buys a house after foreclosure has started, but before the property is auctioned. Many times, this is more preferable for the borrower/home owner.
  3. File Bankruptcy which will immediately pause the foreclosure.  This may be a temporary fix, but it can be used to buy more time in the home.
  4. Agree to a deed in lieu of foreclosure.  A deed in lieu of foreclosure allows the borrower to simply sign the house over to the lender rather than fight the foreclosure. This doesn’t stop the foreclosure, so much as it just basically skips it, but it is a good option in many cases if there is no argument to fight it.
  5. Find a loophole in the promissory note, mortgage, purchase agreement, state, local or federal law.  This requires finding a really good real estate foreclosure attorney to review the documents and find a loophole to excuse the borrowers nonpayment. Additionally you could show that the lender actually doesn’t have authority to ask for foreclosure.

Hire a Real Estate Foreclosure Lawyer to Stop Your Foreclosure or Help You Foreclose

Valente Law works with lenders and borrowers to help resolve their real estate foreclosure cases. You can find more information on our real estate law page. Call us today at (330) 665-5000 to get started on your case!  We offer free consultations, and are happy to help answer any questions you have!